“(The deal) is consistent with the company’s desire to transition to a less capital-intensive business model,” Lenny Comma, the chief executive officer of Jack in the Box said in a statement.

Restaurant operators have been struggling due to higher wages and waning demand for fast-food options. McDonald’s Corp (MCD.N), Yum! Brands Inc (YUM.N) and Wendys Co (WEN.O) have been aggressively franchising, while others have been divesting restaurants to keep more money.

FILE PHOTO - A sign is seen at a Jack in the Box fast food restaurant which serves breakfast all day in Los Angeles, California, May 11, 2012. REUTERS/David McNew

Reuters reported in November that Apollo was nearing a deal to buy Qdoba for more than $300 million, citing people familiar with the matter.

San Diego-based Jack in the Box acquired Qdoba for $45 million in 2003. The restaurant chain initially enjoyed fast revenue growth but has faltered in recent quarters.